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Thursday, January 29, 2015

Market Watch

Demand and Supply

The expanding demand for petroleum products would require exploitation of oil reservoirs which consequently would need trained petroleum engineers. Currently, there is big mismatch in the demand and supply of trained petroleum engineers in India. When Indian oil companies are going overseas and setting up oil producing units, jobs in petroleum sector are bound to increase. Moreover, India is new in imparting training skills in petroleum engineering to its youths. More than India, it is MNCs from overseas who hire Indian petroleum engineers for their various projects.

Market Watch

Despite the fact that oil fields and reservoirs are diminishing, the consumption of oil is increasing rapidly. According to Exxon Mobile sources, global liquid fuels consumption rose to approximately 85 million barrels per day in the first half of 2010. It is more than 1 million barrels per day higher than the first half of 2009. There would be jobs coming up in the US oil companies but not in the US, in gulf countries and other parts of Central Asia.

Jobs in Russian petroleum firms would be coming up in a big way as the country is trying to exploit its huge oil reservoirs to sell out its petroleum products. Moreover, attractive job options would be available to young petroleum engineers once production starts at Krishna-Godavari basin in India. Companies involved in oil extraction hire Indian petroleum engineers for they work at lower salaries than engineers from other countries.